According to Wagner and Hollenbeck, which of the following is a benefit of conflict?
A) Conflict lessens social tensions
B) Conflict supplies feedback
C) Conflict helps to stimulate innovation
D) All of the above
D) All of the above
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A unilateral mistake occurs if both parties know the object of the contract but are mistaken as to its value.
Answer the following statement true (T) or false (F)
Whether the product was made or service performed to specifications is a question of:
A) conformance quality. B) performance quality. C) reliability quality. D) value indices.
Decisions by higher courtsare not binding on lower courts
Indicate whether the statement is true or false
Carver Lumber sells lumber and general building supplies to building contractors in a medium-sized town in Montana. Data regarding the store's operations follow:•Sales are budgeted at $350,000 for November, $320,000 for December, and $300,000 for January. •Collections are expected to be 90% in the month of sale and 10% in the month following the sale. •The cost of goods sold is 75% of sales. •The company desires to have an ending merchandise inventory equal to 60% of the following month's cost of goods sold. Payment for merchandise is made in the month following the purchase. •Other monthly expenses to be paid in cash are $24,700. •Monthly depreciation is $16,000. •Ignore taxes. Balance SheetOctober 31AssetsCash$19,000Accounts
receivable 77,000Inventory 157,500Property, plant and equipment, net of $502,000 accumulated depreciation 1,002,000Total assets$1,255,500Liabilities and Stockholders' EquityAccounts payable$272,000Common stock 780,000Retained earnings 203,500Total liabilities and stockholders' equity$1,255,500The net income for December would be: A. $39,300 B. $42,300 C. $55,300 D. $32,900